At age ninety, Jack Smiley wasn’t thrilled with the community in which he retired so he built his own. Today it provides him with a net income of $40,000 each month. Famously, KFC’s sixty-five year-old Kentucky Colonel Harlan Sanders supplemented a paltry social security check by franchising his unique recipe for fried poultry. Past fifty, McDonald’s Ray Kroc made a similar trek in multiplying by many thousands a few popular, golden-arched hamburger stands from San Bernardino, California.
Contrary to popular mythology, entrepreneurship is not spearheaded mostly by baby-faced, technology-savvy, post-adolescents whose brands include Facebook and Apple. According to a recent study fully eighty percent of all businesses are started-up by people over thirty-five.
Amy Groth of the Business Insider cites these reasons that fortune favors the old: first, older entrepreneurs have more life and work experience. In some cases they have decades of industry expertise—and a better understanding of what it truly takes to compete, and succeed, in the business world. Second, they also have much broader and vaster networks. Even if an older entrepreneur is seeking to start a business in an entirely different industry, they have deep connections from all walks of life—for example, a brother-in-law could be the perfect COO. Third, those over fifty have acquired more wealth, a better credit history (which helps with securing loans), and are smarter with their finances. Download and start listening now!